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The Nobels in Economics today recognize some of the social science contributions outside the normal "markets work!" analysis that hold the core doctrines of the dismal science. There is a fascinating branch led by the hero William Baumol and more recent contributors like Tyler Cowen that studies another surprising realm: arts and culture.

The basic insight is that economics applies here too. Technology and market structure can totally change the products we see. Think Model T or Toyota Corolla or the Prius or Hummer. Tastes alone don't dictate industrial production thought it's an ingredient.

The most striking upshot of analyzing opera and poetry and movies and pop songs this way: when the product is 'cheap to make' the winners in the category rarely get rich and instead call themselves artists (poetry, novels, paintings); when it is expensive to make OR TO DISTRIBUTE then it's a business where people get rich, raise tons of capital, crush hapless new entrants. Think Hollywood (CGI, special effects, locations, huge crews, stars, marketing budgets, national theatrical release). Some of these are fading (digital is cheaper than film) but they are enough for Hollywood to stay rich for now....